Populous, a UK-based smart contract invoice factoring fintech company, reported its official launch after the media announcement made this February about the platform’s upcoming inception. The company announced this week that it had raised $10 million and went live with the pilot test of its blockchain platform for invoice financing services.

Stephen Williams, CEO of Populous, notes that the startup has attracted a great interest on the part of invoice factoring businesses and financial companies wishing to join the blockchain network including banks.

The UK invoice financing startup uses Ethereum ecosystem for streamlining the processing of selling invoices on its digital platform. Populous has developed its own digital assets dubbed Pokens backed by fiat currencies. Besides, the startup uses smart contracts providing help to businesses to finance their unpaid invoices.

Williams adds that using smart contracts system the company has successfully generated its own tokens accepted by the contracts. Populous platform allows investors to place their bids on invoices proposed on the website within 24 hours with their tokens stored in a smart contract until the completion of the auction process.

Williams concluded that given the intricate character of various currencies and ways of settlement, Populous believes that it is more efficient to use tokens as they create opportunities for the rest of the world.